t The Treadwater Bank wants to raise $1,000,000 using three-month commercial for Treadwater? Magna Corporation has an issue of commercial paper with a face value of $1,000,000 and a maturity of six months Magna received net proceeds of $973,710 when it sold the paper what is the effective annual rate of the paper to Magna? Assume that the prime rate is 8 0% APR compounded quarterly H much dollar sa gs n ntres d Tr h ater and Magna achieve by accessing the commercial paper market? paper. The net proceeds to the bank vwall be $985,000 What is the effective annusl rate of ths financing The erfectivearnual rate ofthis financing for Treadwaters % (Rourdto two decimal places) The effective annual rate ofthe paper to Magna is % (Round to two decna places) Troactwater saved (Rond to the nearest dollar) Mora sarved (Round tote nearest dollar )